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Political 
Economy, 



OR, 



Interest,TJsury and Taxation: 



SHOWING THE 



DANGERS OF THE HOUR 



For Sale by JOHN WILEY & SONS, 15 Astor Place, 

AND BOOKSELLERS GENERALLY. 



NEW YORK: 1877. 
:PRICE, - - Ten Cents. 



POLITICAL ECONOMY, 



OR, 



Interest, Usury and Taxation: 



SHOWING THE 



DANGERS OF THE HOUR. 



COMPILED BY 



J. DISTURNELL 

Author op "The Influence of Climate in North and South America. 




For Sale by JOHN WILEY & SONS, 15 Astor Place, 

AND BOOKSELLERS GENERALLY. PRICE TEN CENTS. 

NEW YORK, 1877. 



VV\ 



W&L72- 

"$6, 



TO THE AMERICAN PUBLIC. 



No apology is deemed necessary in 'presenting the following Paper on 
Political Economy, one of the most important subjects now agitating the 
learned minds of the civilized world. The Statesmen and Financiers of 
France are far in advance of any other nation in solving this great 
scientific question, which alike affects the rich and the poor — the Agricul- 
turist, the Merchant, the Artist, the Mechanic, and the Laborer. 

This country, favored by Nature and its free Institutions, should be 
one of the best governed and happiest Nations on the face of the globe. 

J. D. 

New York, July, 1877. 



CONTENTS. 



PAGE 



Political Economy d 

Early Banking System in the United States. 4 

American Statesman's Opinion on Paper Money, etc 5 

National Loans and Interest 

Europe compared with the United States 

European Circulation— Gold, Silver, etc 9 

Combined Debt of the United States n 

Interest, Usury and Taxation 13 

National Debt of the United States, etc 13 

United States Four Per Cent. Loan 13 

History Repeats Itself 

Reforms that are Imperiously Demanded 15 



POLITICAL ECONOMY. 



Sir James Steuart, Bart., in his work on "Political Economy," 
issued at London in 1767, being an Essay on the Science of Domestic Policy 
in Free Nations — in which he treats of Population, Agriculture, Trade, 
Money, Coin, Interest, Circulation, Banks, Public Credit and Taxes — re- 
marks : "It is with the greatest diffidence I present to the public this 
attempt towards reducing to principles, and forming into a regular science, 
the complicated interests of Domestic Policy.'.' 

Adam Smith, LL. D., in his work on the "Wealth of Nations," 
which appeared in 1776, says : " The annual labor of every Nation is the 
fund which originally supplies it with all the necessaries and conveniences 
of life which it annually consumes, and which consist always, either in 
the immediate produce of that labor, or in what is purchased with that 
produce from other Nations." 

Political Economy, properly defined, is an exposition of the measures 
necessary for directing the movements of society, so that man may act in 
harmony with those laws which control him in his efforts to improve his 
condition. By some writers it has been treated as a science, by others as 
an art, and Sir James Steuart speaks of it as a combination of the two. 
Mr. Senior considers it " the science -which treats of the nature, the pro- 
duction, and the distribution of wealth." Mr. McCulloch considers it " the 
science of the laws which regulate the production ,of those material pro- 
ducts which have exchangeable value, and which are either necessary, 
useful or agreeable to man." M. Storch says "it is the science of the 
natural laws which determine the prosperity of Nations — that is to say, 
their wealth and civilization." 

"Notwithstanding its importance, the progress thus far made in Politi- 
cal Economy has been slow and uncertain ; and there is in its entire range 
hardly a doctrine, or even the definition of an important word, which is 
universally or even generally accepted beyond dispute." 



The crisis has now arrived in this country, and in the countries of 
Europe, when the subject of Political Economy must be met and mas- 
tered in order that the masses that labor and produce wealth shall be pro- 
tected from excessive interest, usury and taxation — now paralyzing most 
of the civilized nations of the world. 



During the nineteenth century, there has been witnessed the most 
gigantic strides in wealth and power in this favored country, yet still the 
laboring classes have not been equally benefited — that, too, owing to no 
fault of their pwn, but to the dishonest politician, speculator and usurer, 
who have made the art of procuring money a study — peculiar to the period 
since the introduction of banks and the emission of depreciated currency, 
thus giving the more favored class a power over industry and labor which 
has nearly bankrupted the Nation at large and paralyzed useful pursuits. 

At this time we see accumulated wealth on the one hand, seeking pro- 
fitable investment, and on the other hand the idle laborer, seeking employ- 
ment to protect himself and family from starvation. This lamentable state 
of affairs should never exist in a free Eepublic — it is alike injurious to the 
rich and the poor, as well as the middling classes of society. 

The only feasible remedy for this sad condition is for the Governments 
— National, State and Municipal — to effect loans at a low rate of interest, 
such as is being done at the present time by the Federal Government : 
effecting loans at the rate of four per cent, per annum. This low rate 
should be taken advantage of by the State and Municipal authorities, thus 
lessening the taxes to be paid by the public. 

The next step should be to reduce the legal rate of interest in the differ- 
ent States and Territories of the Union — say to five per cent. , or even a less 
rate — so as to correspond with the most favored nations of Europe, and 
establish a sound and equitable system of banking. 

Early Banking System. 

While there has been a difference of opinion among statesmen in regard 
to the best standards of value — coin, or well secured paper currency — issued 
by the Government, there should be but one decision, and that is the doc- 
trine advocated by Alexander Hamilton, Jefferson, Calhoun, Webster and 
Albert Gallatin, that the precious metals, gold or silver, were the only true 
standards of value — such as is adopted in the civilized countries of the 
present day. 

Alexander Hamilton, in his report on a National Bank, made Decem- 
ber 13, 1790, says : "The emitting of paper money by the authority of the 
Government is wisely prohibited to the individual States by the National 
Constitution, and the spirit of that prohibition ought not to be disregarded 
by the Government of the United States." 

The capital of the first Bank of the United States was fixed at ten mil- 
lions ; and one-fourth of all the private and corporate subscriptions was to 
be paid in gold and silver, and three-fourths in United States stock, bearing 
six per cent, interest. Two millions were subscribed by the United States. 
The law was approved by Washington, February 25, 1791, and the Bank 
soon thereafter went into operation in Philadelphia. 



" The following," says Alexander Hamilton, "are among the principal 
advantages of a bank : 

"First, the augmentation of productive capital of a country. Gold and 
silver, when they are employed merely as the instruments of exchange, alien- 
ation, have not improperly been denominated dead stock ; but when depos- 
ited in banks, to become the basis of a paper circulation, which takes their 
character and place, as the signs or representatives of value, they then 
acquire life, or, in other words, an active and productive quality. 

"Purchases and undertakings, in general, can be carried on by any 
given sum of bank paper or credit, as effectually as by an equal sum of 
gold and silver. And thus by contributing to enlarge the mass of indus- 
trious and commercial enterprises, banks become nurseries of national 
wealth — a consequence as satisfactorily verified by experience as it is clearly 
deducible in theory." 

It was the abuse of the system of banking, as inaugurated by the action 
of General Jackson, when he removed the deposits from the United States 
Bank, that has created the present wide-spread calamity in monetary affairs 
then the rate of interest was raised from six to eight and ten per cent, on 
irredeemable currency, and in many cases entirely worthless. 



What American Statesmen have said of Banking and Paper 

Money. 

The opinions of Washington, Franklin, Adams, Hamilton, Jefferson, 
Madison, etc., are often quoted against paper money. Coming down to 
the second great era of American statesmen, we find the same opinions 
kept up. General Jackson was one of the most determined, powerful and 
influential foes to an inconvertible currency whom this country has ever 
seen. 

" The Constitution of the United States," he wrote, "unquestionably in- 
tended to secure to the people a circulating medium of gold and silver. The 
paper system being founded on public confidence, and having of itself no 
intrinsic value, it is liable to great and sudden fluctuations, thereby ren- 
dering property insecure and the wages of labor unsteady and uncertain." 

Daniel Webster declared, in 1826, the true doctrine of the Constitu- 
tion, as follows : 

" By paper money in its obnoxious sense, I understand paper issued on 
credit alone, without capital, without funds assigned for its payment, 
resting only on the good faith and future ability of those who issue it. 
Most unquestionably there can be no legal tender in this country, under the 
authority of this Government or any other, but gold and silver.'''' 

John C. Calhoun, in 1837, thus expressed himself : 
" The banking system concentrates and places this power in the hands 
of those who control it, and its force increases just in proportion as it 



dispenses with a metallic basis. Never was an engine invented better 
calculated to place the destiny of the many in the hands of the few, or less 
favorable to that equality and independence which lie at the bottom of all 
free institutions." 

Henry Clay, though an ardent friend of a National Bank, opposed an 
inconvertible currency. Thus he spoke in the Senate in 1837 : 

"If there be in regard to currency one truth which the united experi- 
ence of the whole commercial world has established, I had supposed it to 
be that emissions of paper constituted the very worst of oil conceivable species 
of currency. The objections to it are, first, that it is impracticable to as- 
certain, a priori, what amount can be issued without depreciation ; and, 
second, that there is no adequate security, and in the nature of things 
none can exist against excessive issues." 

Thomas H. Benton, that stout old bullionist, was the life-long foe of 
irredeemable paper money. 

"If I were going," said he, in 1831, "to establish a working man's 
party, it should be on the basis of hard money — a hard money party 
against a paper party. Paper money banks tend to aggravate the inequal- 
ity of fortunes, to make the rich richer and the poor poorer, to multiply na- 
bobs and paupers. Paper money is injurious to the laboring classes, be- 
cause they receive no favors, and the price of the property they wish to 
acquire is raised to the paper maximum, while wages remain at the specie 
minimum." 

National Loans. 

Copied from " London Stock Exchange, " (Monthly Circular.) 

A late English writer says: "It is advisable that a National Loan 
should be held at home ; and it is the reverse of advisable for foreigners 
to lend money to half-civilized States (such as Turkey and the South 
American States). The temptation to defraud the creditor is irresistible, 
and it is as demoralizing to afford the opportunities as to tempt by wilful 
neglect the necessitous to steal. All Loans should be placed at home, 
though, as in the case of the Bonds of the United States, the Certificates 
of Indebtedness might be absorbed abroad by proving attractive to foreign- 
ers. The way to place a Loan at home is to make it attractive to all to 
subscribe, to make it the receptacle for savings however small, and in the 
aggregate the amount will be forthcoming the Government has a right to 
borrow. If it cannot or will not be so made up by the community, that 
community has no right to borrow ; when, if, it raises that money abroad 
(at a high rate of interest), it does so under a false pretence, and with a 
dishonest design. "Were this rule kept well in mind, there would be less 
need of caution ; nor could those scandals which have lowered the credit 
of so many Governments have occurred. The Bonds of a small de- 
nomination in which the people have full confidence will pass readily from 
hand to hand, being employed as an aid to the currency, or as an exten- 
sion of the means of settling accounts. They would enable families of 
small means to act as their own bankers, having their savings bearing in- 
terest in their own possession and readily convertible when required for 



use ; more portable, more easily put away, and less dangerous than coin, 
possessing many of the advantages of money, while they bear interest. 

" But in great countries, such as France, the United States, and the 
United Kingdom, they would exercise a political influence, as also an edu- 
cational influence, independent of their commercial advantages, which 
would be in a high degree advantageous to society. There is no such con- 
servator as property, using the word in its broadest meaning as a preserver 
of the peace and of order, and upholder of the institutions of the coun- 
try. A man may not love his country in proportion to the stake he holds 
in it ; but it makes a wide difference in his feelings whether he has a stake 
or has not ; while experience has taught, it does not so much matter what 
the value of that stake may be. He who has worked hard and exercised 
self-restraint to acquire his little accumulation, views it with an interest 
which may never be imparted to the gigantic fortune another may inherit. 
Therefore, the savings resting upon the credit of the country and dis- 
tributed among the masses, would tend politically to impart security. As 
an educator, the value of such a Bond would prove but little less. No 
argument can be made to tell with the force of a practical fact. The 
attack on property as a thing which should have no existence, is answered 
conclusively in the case of the individual who, by hard work and self-re- 
straint, has acquired his accumulation. To that man it is an outrage to say 
that the idle and the thriftless have a right to live on what he has thus ac- 
quired, and the stage from that to the right of the accumulator to give or 
bequeath to whom he likes, is easy and convincing. These are the in- 
stances which, if spread over the land, would make Communism* impos- 
sible ; but while in the back streets around, thousands are living in abject 
poverty, and one in the palace adjacent is satiated with wealth he has in- 
herited (or obtained by usurious practices), the contrast will give point to 
arguments having a tendency to subvert society. 

" Where the public have to be taxed for the repayment of National 
Debts, and when those among them who have money at command are 
asked to subscribe to the Loan, it becomes their business to see that the 
money is required for a proper purpose, and that it is expended on that 
purpose judiciously. The system of reaching the pockets of the masses 
by a means so well disguised that the men taxed do not know how or 
when they are taxed, makes them indifferent to the subject as if no con- 
cern of theirs ; but when the money is levied directly from them, and the 
interest is paid to such of them as hold the Bonds, they see that it is a 
concern of theirs and acquaint themselves with the subject. Such are 
among the many considerations which the reader can fill up for himself, 
that make it desirable to distribute National Loans in small Bonds among 
the people, which has long been regarded by us (Englishmen) as a matter 
of the highest importance not sufficiently considered by financiers. The 
Post Office Savings Bank is a halting step in the right direction ; but the 
idea requires to be developed into a great National Scheme to come in any 
way up to the scope of our conception. 

" The inauguration of Mr. Hayes as President of the United States has 
been followed by a brightening of the business prospects in America. 

* Communism — " The reorganization of society, or the doctrine that it should be 
reorganized, by regulating- property, industry, and the sources of livelihood, and also, 
the domestic relations and social morals of mankind." 



That, is the forerunner of a brightening on this side ; for the effect of the 
prosperity of some 45,000,000 of a very industrious and intelligent com- 
munity, speaking the same language, is not, as yet, justly appreciated here. 
The new President is acting up to the expectations of business circles, and 
thereby is reestablishing confidence ; and as the country has for some time 
been accumulating largely, the consequence will almost immediately be- 
come apparent and exercise its influence in England." 

Money is now being borrowed by the United States Government, on 
bonds bearing an interest of only four per cent., payable in gold, in sums 
of Registered Stock, free from taxation in any form, of $50, $100, $500, 
$1,000, $5,000 and $10,000. 

" While three per cent, is the average rate of interest in Central Europe, 
six per cent, abroad has not been considered extravagant interest ; and had 
the Turkish Exchequer been handled by a skillful financier, the Loans of 
the Ottoman Empire might now have been among the favorite investments 
of this kingdom, because the money paid by Turkey on her Loans would, 
judiciously managed, have been sufficient for the liquidation of the princi- 
pal ; and have satisfied the holders of the Bonds, who, in that case, would 
have known what they were to get, and got what they expected. The Otto- 
man Empire has reaped a stigma of repudiation without securing any 
advantage — through a shamefully faulty system of finance ; suicidal in its 
extravagance. The object of those who operated for Turkey was to dis- 
guise the magnitude of the interest the treasury was paying ; this high rate 
of interest, usurious in its character, when paid by Nations or individuals, 
tends to lessen the security. Hence the defalcation of paying interest and 
capital borrowed is of constant recurrence, owing in a great measure to the 
greed of the lender." 

To this unfortunate state of affairs is due, in a measure, the financial 
embarrassment existing in the United States and Republics of South Amer- 
ica. We being thus classed among the half civilized States. 

"Belgium is for its space, the richest and most populous country in the 
world. Its Government has authorized certain Municipalities to issue 3 per 
cent. £4 (or 100 francs) Bonds, with coupons attached, payable annually." 

From the (London) World, 21st March, 1877. 

" 149,000 Bonds of the City of Marseilles were offered to the public, and 
the loan has been covered in such proportion that ninety per cent, of the 
money has been refunded to the subscribers. The success of the loan has 
been so immense that there are more than 150,000 applicants, and the City 
of Marseilles cannot give even one bond to each subscriber. Some stock- 
dealers are now introducing on our market (London) the premium deben- 
tures of the cities of Paris, Brussels, Antwerp, etc. Such investments are 
very good and safe ; and we, too, recommend them as highly profitable. 
There are no bad debtors amongst cities in Europe (the same may be said 
of most of the cities in the United States), and they all pay their interest 
very punctually — the only exception which we know being the City of 
Madrid, which, although not insolvent, has suspended its payments for 
th" last few years," 



Europe, with a population of 300,000,000 souls, has National Debts, in 
the aggregate, amounting to twenty billions of dollars, paying from 2 
to 6 per cent, interest. The Municipal Debts of the cities of Europe are 
also very large. While the United States, with a population of 42,000,000, 
have National, State and Municipal Debts amounting to about four billions 
of dollars, paying from 4 to 10 per cent, interest, thus making the United 
States of America, after an existence of one hundred years, the most 
heavily burthened Nation in the world, taking into consideration the mag- 
nitude of its debt and the rate of interest paid thereon. 

Of all the cities on the face of the globe, the City of New York is in 
the most deplorable condition as regards debt and taxation. With a 
population of, say, 1,000,000 souls, it has a debt of $140,000,000, and an- 
nual taxation of about $30,000,000. This sum has to be paid annually by 
its citizens, besides State and National taxation. 

Avarice, usury and stealing, by politicians and others, is the great curse 
of the so-called civilized Christian nations of the world. It makes neces- 
sary locks, bars, prisons, almshouses and charitable institutions to provide 
for the criminal and the pauper population — which are on the increase — 
thus imposing an immense tax on the community. 

European Circulation. 

The Siciss Concordant Banks enclosed with a recent Monthly Statement 
of their position, a Table giving the Paper Circulation of the Continental 
Nations, as follows : 

Yearly Average Note Circulation. 
1874. 
Switzerland, - - - $13,010,000 

Belgium, - 61,140,000 

Holland, - - - 73,170,000 

France,* - 517,150,000 

Note Circulation per 
Switzerland, - - - $6.25 Holland, 

Belgium, - - - - 13.50 France, 

The above-noted examples are all exceptionally strong and prosperous 
Nations, which have carefully protected their people, by making their 
paper money as efficient as they knew how to ; in this respect pursuing a 
policy widely at variance with that of the American Government, which 
seems to have been at special pains to depreciate the quality as well as 
diminish the quantity of our paper circulation. 

"A superficial glance at the above might possibly leave an impression 
that the monetary circulation of the nation? named was only $6.25 per 

* The latest Official Returns from the Bank of France, dated May 31, 1877, " Notes 
in Circulation," $501,671,830, with coin in hank sufficient to redeem every dollar of 
notes in circulation, 



1875. 


1876. 


$15,424,000 


$16,140,000 


63,720,000 


66,745,000 


76,305,000 


77,860,000 


480,050,000 


446,740,000 


TA IN 1876. 




. 


- $22.50 


. 


- 15.00 



10 

capita in Switzerland, $13.50 in Belgium, $22.50 in Holland, and $15 in 
France ; but a slight investigation, or even a moment's thought, would 
show that so excellent is the paper money of those countries that it and 
specie float side by side, thus utilizing the power of every dollar of what- 
ever description ; while we, by discrediting our greenbacks by various re- 
pudiations, so depress them that gold tokens have hidden away and been 
as useless as those of Herculaneum and Pompeii during their interment. 
For instance, France has a paper circulation of at least $15 per head. 
She has of coin in bank, free from any claim, to be held as reserve for 
"redemption" purposes, and, consequently, ready to circulate, if de- 
manded by production and commerce, as much more — say another $15 per 
head." 

" The accumulation of money in the Bank of France continues, the 
private deposits now amounting to the enormous sum of six hundred and 
forty millions of francs." 

The citizens of France are supposed to hold $1,000,000,000 in coin, mak- 
ing a total circulation thus : 

Note circulation, 1877, - .... $501,071,830 

Coin in Bank of France, 500,000,000 

Coin in hands of the people, .... 1,000,000,000 



(Population, 36,000,000.) $2,001,671,830 

According to the same ratio in the United States, with a population of 
42,000,000 there should be in the hands of the Government and the 

Banks, $1,200,000,000 

In the hands of the people, 1,200,000,000 



Making a total (say) $2,400,000,000 

Instead of the above amount in coin and paper currency in the United 
States, there is estimated to be only about $1,000,000,000 ; being less than 
one-half in France. 

The Economist in its summary of the rates of Interest, quotes: 







Bank Kate per cent. 


< >pen Market per cent. 


Paris, 




2 


H 


London, 


- 


- 3 - 


- • - - 2 


Berlin, - 




5 


- - - 3| 


United States, 


- 


- 6 to 12 


(on call) 2 to 3 



In the United States the legal rate of interest varies from 6 to 12 per 
cent. ; or, on an average, four times as much as rules in France, and nearly 
three times as much as rules in England. 





Rate. 


Yearly. 


Total. 


per cent. 


Interest. 


$2,100,000,000 


4 to 6 


$105,000,000 


1,500,000,000 


to 10 


120,000,000 


2,250,000,000 


6 to 10 


180,000,000 


1,000,000,000 


b' to 10 


80,000 000 


500,000,000 


to 10 


400,000 



11 

Henry C. Caret, in 1873, estimated the amount loaned in Pennsylvania, 
at six per cent., on bond and mortgage, to be not less than $400,000,000 ; 
making, at that rate, for the United States, between $3,000,000,000 and 
$4,000,000,000 paying six per cent, and upwards. 

Combined Debt of the United States of America, 

The entire Indebtedness of the people of the United States— or the Nation 
—on which interest has to be paid at the present time, of from 4 to 12 per 
cent, per annum, may be summed up as follows : 

Debts. 
National Debt, 

State and Municipal Debts, - 
Railroad Debts, 

Discounts and Loans of Banks, 
Loans by Insurance Companies, etc. 
Personal Indebtedness, Mortgages, 

etc.* {Estimated.) - - - 3,000,000,000 6 to 10 240,000,000 

$10,350,000,000 $725,400,000 

At 6 per cent. Interest, would be paid yearly, - - $618,420,000 

At 5 per cent. Interest, " " " 515,225,000 

At the latter rate— 5 per cent.— making a saving of $210,175,000 

Or, for every 1 per cent. Interest reduced - $100,000,000 

The vast increase of indebtedness since 1860, when the National Debt 
was only $64,000,000, is truly alarming. " The rapid increase of debt- 
creating power which the above figures imply— showing a total indebted- 
ness of over $10,000,000,000 in the United States— in some measure 
indicates the expenditure for permanent purposes in the last sixteen years. 
To what extent that growth of expenditure is in the excess of population, 
or the increase in consuming power, finds its fullest illustration in the 
number of enterprizes now profitless, and especially those devoted to 
articles at the foundation of human wants, such as coal, iron, lumber, 
woolen and other textile fabrics." 

This country and the world at large needs to be relieved from enormous 
interest-paying debts. The combined debt of Europe amounts to about 
$20,000,000,000, bearing, for the most part, a low rate of interest. 

* On Mortgages in the Western States 10 to 12 per coif, anrl upwards are often charged 
by the capitalists. The usurers' excuse tor charging- a high rate of interest to Western 
farmers is owing to the intrinsic value of the land and the probability of a large yield 
of agricultural products— thereby assuming they can afford to pay ten or twelve per 
cent, interest and upwards, accwding to the greed of the lender. 



12 

The fact that the United States Government is now (1877) selling its 
bonds, bearing only 4 per cent, interest, and that the State of Pennsyl- 
vania has lately borrowed $8,000,000, paying 5 per cent., shows that 
capitalists are willing to loan their money at reduced rates. This system 
should be extended to individuals in good standing, as well as to the States 
and Municipalities. 

A low rate of interest tends to lessen rents, labor and the cost of living, 
thereby equalizing the benefits that accrue to the masses — both the rich 
and the poor. 



INTEREST, USURY AND TAXATION. 

Under this head may be summed up most all the financial difficulties 
now afflicting the people of the United States, and for which a remedy is 
imperiously demanded. Here confidence is destroyed, and industry para- 
lyzed, owing to the want of a proper system of political economy, 

Compare our condition in monetary matters with France, at the present 
time, and you will find that the latter country, by wise legislation and 
usages, is far in advance of this or any other civilized nation on the face 
of the globe. 

At the commencement of the year 1877 there was in the United States 
the following amount of currency, etc. : 

Legal Tenders outstanding, $369,000,000 

National Bank circulation, 320,000,000 

Fractional Currency, Coins and Paper, - - - 4 0,000,000 



$729,000,000 
Estimated Gold and Silver in U. S. Treasury, Banks, etc., 180,000,000 

Total, Coins and Currency, ... - $909,000,000 



The National Debt of the United States is about - $2,100,000,000 



Interest paid on United States Bonds, - - - 4 to 6 per cent. 

Rate of Interest in the several States, - - - 6 to 12 per cent. 

There are fifteen States in which the legal rate of Interest is more than 
6 per cent., .as follows : 

New York, New Jersey, South Carolina, Georgia, Kansas, 

Michigan, Minnesota and Wisconsin, - - - - 7 per cent. 

Alabama, Florida and Texas, - 8 per cent. 

California, Colorado, Nebraska and Nevada, - - - 10 per cent. 

In several of the above States, by special contract, the rate of interest 
may be carried up to 10 or 12 per cent. , which is a ruinous rate of interest ; 
beyonl this lawful rate the practice is usurious, 



13 

The experiment of repealing the Usury Laws in the following States 
was tried, but proved injurious to the borrower : in Alabama, Indiana, 
Ohio, Wisconsin and Connecticut. The experiment in every instance 
proved a sad one for the debtors (often being obliged to pay from 20 to 50 
per cent.), and Usury Laws were re-enacted in every instance. Contrast 
the rate of interest paid in the United States with France, England, 
Holland, Belgium and Germany, where interest is low. We now stand on 
a par with Russia, Turkey and South America. 
National Debt of France, estimated at $4,000,000,000 

Interest paid on Debt, - ... 2 to 3 per cent. 

Rate of Interest in different parts of France, 2 to 3 per cent., while 
the Banks discount Notes of $5, $10, $50 and $100, in large amounts. 

The above statements show the favorable position of France, with a debt 
about twice as large as that of the United States. They have to pay less in- 
terest-money, the rate being less than one-half paid by our Government. The 
Gold, Silver and Currency in circulation is more than twice the amount 
in the United States, while the rate of interest charged to the prince or the 
peasant is about two-thirds less than rules in this country, thus encouraging 
trade and labor among the middling classes of society. This favorable 
state of affairs applies to house rent and all the necessaries of life, enab- 
ling Frenchmen to live at less than one-half the cost paid by Americans. 

A distinguished Economist says : " It is the abundance of capital that 
animates to effort, and the low rate of interest is at once the effect and indi- 
cation of that abundance." 

Than the view thus presented nothing could be more accurate. Reduc- 
tion in the rate of interest indicates a growing power of labor over capital, 
and it follows as necessarily consequent upon increase in the variety of 
demands for human service. Interest is low in England, France, Germany, 
Belgium, and Holland ; high in Russia, Turkey, and South America, as 
well as in the United States. The tendency of the precious metals is 
toward those countries where interest is low, and from those in which it is 
high, as is shown in these United States during the past fifty years. 



United States Four Per Cent. Loan. 

"The popularity of the new four per cent, is already manifest. The 
subscriptions, outside of those forwarded through the Syndicate and 
largely from small investors, already exceed ten million dollars, while the 
large bids from banks, insurance and trust companies, who seek a long 
and safe investment, are yet to come, and are likely to reach a large 
amount before the expiration of the time allowed for home subscriptions. 

"The Syndicate already has off ers for fourteen millions of the new bonds 
in change for six per cents, held abroad, so that the existing sales within 



14 

the first month will largely exceed the amount which the association of 
hankers definitely pledged itself to take. There has been within a few 
years a marvelous change in the credit of the United States. 

"It is not very long ago since six per cent, bonds were sold with some 
difficulty at par in gold, and after the funding act passed it was some time 
before the Government could make headway with the five per cent, at par. 
Even the four-and-a-half per cents, have been sold at a clear profit of three 
per cent, within a year, beside their interest, while the fives sell at an 
advance of six dollars to eight dollars. It is not unreasonable to expect 
that the four per cent, bonds will speedily become more popular. They 
run for thirty years, an advantage to be highly appreciated by owners of 
5.20 bonds which are now being called in, are exempt from all taxation, 
and the amount of the loan authorized ($700,000,000) will suffice, besides 
providing for specie resumption, to close off the redeemable six per cents. 
and make a considerable change in the five per cent, debt, while the bonds 
bearing higher interest will therefore shrink in market value. As the 
probability of early redemption increases, the new bonds will become the 
favorite and permanent form of investment,."* 

We have got rid of the slave power which held 4,000,000 negroes as 
chattels ; but the money power now rules and keeps in bondage 40,000,000 
of whites ; and it should be the duty of the Federal Government to bring 
about an equality in the distribution of power over that machinery for 
whose use men pay interest, and which is known as money. 



History Repeats Itself. 

Allison, the English writer on Political Economy, says : " Whoever 
has studied with attention the structure or tendencies of society, must 
have become aware that the greatest evils which in the latter stages of 
national progress come to afflict mankind, arose from the undue influence 
and paramount importance of realized riches. That the rich, in the latter 
stages of National progress are constantly getting richer, and the poor 
poorer, is a common observation, which has been repeated in every age, 
from the days of Solon and the fall of the Roman Empire to those of the 
present time." 

From past experience and present aspects, it is vain folly to hope for 
any important change for the better, in our present financial troubles, 
while interest or loanable money and rents remain at their present high 
and usurious rates for investment in legitimate business enterprise. 

The remedy in this country is to be sought for in establishing a sound 

currency, based on gold and silver, and the reduction of the legal rate of 

interest throughout the United States, to conform to those of England, 

France, etc. National prosperity cannot be fostered by enforcing idleness 

on a large portion of the people. Only can the present evils destroying 

the industries of the country be remedied but by reducing the rate of 

interest so low that money can be used to advantage. 

* This popular loan, bearing- four per cent, interest, has been a great success. The 
entire amount subscribed for by the Syndicate was $70,300,000, or in full from all 
parties to date, July 30, 1877, $76,183,500. 



15 

REFORMS THAT ARE IMPERIOUSLY DEMANDED. 

During the first Century of the existence of the Republic of the United 
States of America, it has encountered unforeseen difficulties and drifted 
into errors which now endangers the whole fabric of our boasted model 
Government, which was framed by the patriots of the Revolution. 

The first sixty years of our existence as a nation was progressive— the 
past forty years corrupt and demoralizing. Forty years since there was 
no National Debt, and the bonded debt of the city of New York was 
about one million dollars-now $145,000,000. In 1835 the bonded debt of 
the city amounted to $3.35 for each inhabitant ; in 1865 it had risen to 
$43.15 per head ; in 1870 it stood at $77.87 ; in 1876 it had swelled to 
$112— the annual amount of taxes at the same time being $35,000,000, or 
at the rate of $35 for every man, woman and child in the city. Our 
social, financial and political condition, as a people, are now all deranged, 
and require speedy amendment. 

First in order of reform is our Monetary System, which dates its exist- 
ence soon after the achievement of our Independence, in 1783. It affects 
the prosperity or ruin of the whole Nation, according as to how it is man- 
aged. When deranged— as at the present time— it causes widespread 
bankruptcy and starvation. A specie basis should be permanently estab- 
lished, making Gold the standard for all values, Silver to be used as an 
auxiliary as law may direct— all Currency to be issued by the Federal 
Government, based on Coin or its equivalent. 

Second. The legal rate of Interest on money and all indebtedness should 
be reduced throughout the Union to one regular legal rate by the general 
Government, at most not to exceed four or five per cent, per annum, mak- 
ing all higher rates a debt of honor and not recoverable by law. 

Third. National, State and Municipal Debts should be limited in times of 
peace by proper laws, and interest on the same not to exceed four per cent, 
per annum, thus protecting the interests of the country from excessive 
taxation. 

Fourth. The violation of law by defaulters, whether of the Federal, 
State or Municipal Governments, when exceeding a given amount, to be 
punished by transportation to a Penal Colony for longer or shorter period ; 
also, all persons guilty of defrauding the Revenue Laws of the Federal 
Government. 

Fifth. The Elective Franchise to be exercised only by natives, or natura- 
lized citizens, who can read and write the English language, excluding all 
aliens, paupers and criminals. For a violation of the Elective Laws, on 
conviction, the parties to be fined or imprisoned, and forever disqualified 
from voting for any public officer, or holding office. 



16 

Sixth. Laws regulating the making and vending of all kinds of intoxica- 
ting liquors should be enacted, with certain salutary restrictions, punishing 
all parties guilty of adulteration or compounding liquors — every article 
made or sold should be required to be pure as represented, subject to in- 
spection in all cases by learned experts. 

Seventh. Education should be compulsory, both for males and females — 
using such means as will tend to elevate morals and beget a patriotic love 
of country. 

Eighth. The Insane, paupers, and vagrants to be supported at public 
cost, subject to humane regulations. 

Ninth. Criminals of every grade to be imprisoned or punished as the 
law may direct, making the persons confined self-sustaining by a suitable 
mode of employment ; thus fitting them, by habits of industry, to support 
themselves when released from confinement. 

Tenth. The aim of Government, in all departments, should be for the 
good of the public at large and not for the favored few, as now generally 
practiced by the Federal and State Governments. 



Note. — The deplorable events of the past week, enacted in five of the 
States of the Union, causing the loss of hundreds of lives and millions of 
property, could have been averted if human judgment had been exercised 
in the right direction during the past few years, by equalizing incomes on 
a just basis — giving the laborer a fair equivalent for his services, so that 
he could support himself and family, while the capitalist reduced his 
income, or interest on money loaned, to correspond to rates of interest 
received in England and on the Continent of Europe, as rules in France, 
Belgium, etc. — say to one-third less than the exorbitant rates which rule in 
the United States. This would make a difference of some millions of 
dollars — sufficient, no doubt, to keep peace and perpetuate the free insti- 
tutions of this country. 

"The working people of the United States are now in want, while the 
barns and store-houses of the country teem with plenty. This fact has in 
a measure imposed into the mind of the laborer the spirit of the Commune, 
caused by the flood-tide of despair." 

New York, July 24, 1877. 



THE 



CLIMATE AND DISEASES 



"I 



NORTH AMERICA: 



Being an APPENDIX 



in Nortli anfl Soutli America :" 



HEALTH STATISTICS OF STATES, CITIES, &c. 



To be Compiled by J. DISTURNELL. 



TO THE PUBLIC. 

If duly encouraged, the above Work will be issued early in the year 
1878. It will embrace reliable information in regard to the most vital 
interests which affect the Human Race — Health and Longevity. The 
earth we inhabit, the atmosphere above and the waters beneath, all 
require to be studied and their secret influences discovered bearing on 
vegetation, animal life, and death. 



Price, to Subscribers, Two Dollars ; 

With "Influence of Climate," &c, first issued in 1§6T, 

Five Dollars. 

New York, July, 1877. 



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